Skadden represented UBS in obtaining an interlocutory appeal to the U.S. Court of Appeals for the Second Circuit in connection with a suit brought against UBS (and 16 other banks) by the Federal Housing Finance Agency seeking to recover billions of dollars in alleged losses by Fannie Mae and Freddie Mac from investments in mortgage-backed securities. On August 14, the Second Circuit accepted the appeal, which had been certified by Judge Cote in the U.S. District Court for the Southern District of New York. The Second Circuit will hear the appeal on an expedited schedule, with arguments beginning as early as the week of November 26.
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